Thursday, October 15, 2009

Car Sales in India Rise

In India the onslaught of several festivals and mitigation cost of a loan that led customers to purchase cars from Maruti Suzuki India Ltd, Hyundai Motor and General Motors Co. caused car sales to rise 21%.

It was shown that car sales in the past month increased up to 129,683 cars. It is considered to be the eight month that indicates a straight growth in car sales.

Because of high interest rates many banks are not happy to provide loans in order to buy a car in a slow economy. But such options as packages, including tax cuts lowering of loan rates by banks are advantages for those who intend to buy a new car.

Hindu festivals also influenced favorable on sales in September.

According to Vaishali Jajoo, analyst at Angel Broking Ltd, a sustained improvement in demand influenced on the overall upturn in the Indian auto sector. He also added that the economy recovery would be able to help in registering valuable growth in the domestic market.

Maruti, India’s biggest carmaker and local unit of Suzuki Motor Corp admitted that their sales rose 12% in comparison with September to 63,071 cars.

13 well-known carmakers such as BMW AG, Audi AG, Fiat SpA, Ford Motor Co. and Honda Motor Co stated about high India sales in September.

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